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Shiba Inu Price Analysis: SHIB established support at $0.000025, ready to break higher?

Shiba Inu Price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD has set a clear swing low at $0.000025.
  • Bullish momentum has returned overnight.

Shiba Inu price analysis is bullish today as the $0.000025 prevented further downside over the weekend, sending  SHIB/USD higher overnight. Therefore, we expect bullish momentum to continue today, with the $0.00003 mark as the next target to break.

Shiba Inu Price Analysis: SHIB established support at $0.000025, ready to break higher? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leader, Bitcoin, gained 0.8 percent, while Ethereum lost 1.91 percent. Meanwhile, Dogecoin (DOGE) is the top performer, with a gain of almost 19 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu starts to push higher from the $0.000025 support

SHIB/USD traded in a range of $0.00002388 – $ 0.00002887, indicating a moderate amount of volatility over the last 24 hours. Trading volume has spiked by 114.43 percent and totals $3.18 billion, while the total market cap trades around $10.74 billion, ranking the coin in 20th place overall.

SHIB/USD 4-hour chart: SHIB retraces before further upside?

On the 4-hour chart, we can see the Shiba Inu price retracing after a move higher overnight as bulls prepare for another push higher.

Shiba Inu Price Analysis: SHIB established support at $0.000025, ready to break higher?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action has slowed down over the past week. After a very strong rally at the beginning of October, a new all-time high was set at $0.000035 on the 7th of October. 

From the $0.000035 mark, SHIB/USD retraced to just above $0.00002 as massive profit-taking took place. During the following days, bullish momentum returned, leading SHIB/USD higher, with the $0.00003 mark breached again.

However, since then, the Shiba Inu price action has traded calmly, slowly retracing to the $0.000025 mark. Over the weekend, the support prevented further downside, resulting in a slight upsurge overnight. 

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today as strong bullish momentum was seen overnight after a several-day consolidation above $0.000025 support. Therefore, we expect SHIB/USD to continue higher later today.

While waiting for Shiba Inu to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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